STAGES OF PRODUCTION
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6 Terms
1
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Stage I
All products curves are increasing. Ends where AP1 has reached its maximum point
2
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Stage I
MP1 begins to decrease due to law of diminishing returns
3
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Stage II
Begins where AP1 begins to decrease. Q1 is still increasing but begins to taper off
4
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Stage II
MP1 continues to decrease till. End where MP1 is zero
5
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Stage III
All product curves are decreasing. Begins where MP1 is zero and turns negative
6
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Stage III
Q1 begins to decrease even though input is increased
Note 
Flashcards (23)